Do you know any entrepreneurs who would be interested in an opportunity to meet with other entrepreneurs from G20 countries? If so, read on!
Your national Global Entrepreneurship Week host, Youth Business International, also co-represents the UK in the G20 Young Entrepreneurs’ Alliance, alongside Young Brits.
The G20 Young Entrepreneurs’ Alliance (G20 YEA) is a global network of young entrepreneurs and the organisations that support them. It was established to convene each year in advance of the G20 Summit, with the aim of championing the importance of young entrepreneurs to the G20 member nations and to share best practices. More information can be found here.
To join the UK delegation to attend this year’s G20YEA Summit among your young entrepreneur networks, delegates should be active entrepreneurs aged 40 or below. The programme and application form is here.
Find out more about how this may have affected your business with HMRC
Simpler Income Tax – Cash Basis and Simplified Expenses
In the Budget statement on 20 March, the Government announced that two new measures – together called Simpler Income Tax – are being introduced to help small businesses to do their income tax.
For the 2013/14 tax year onwards, unincorporated businesses whose income does not exceed the VAT registration limit will be able to choose to work out their tax on the money that flows in and out of their business; this is what is meant by “cash basis”. Using this scheme will mean that these businesses will avoid the need to make year-end tax adjustments, required under current rules that were designed for more complex businesses.
In addition, all unincorporated businesses, no matter what their size, can also choose to use simpler schemes to claim some common business expenses; this is what is meant by “simplified expenses”.
Further guidance on eligibility and suitability etc will be published on the new Government website, GOV.UK, from 6 April. HMRC will also offer guidance, a webinar and a YouTube video that will help businesses understand and use the new schemes. Look out for our special editorial with next month’s Key Messages, which will have a lot more detail.
RTI (Real Time Information) starts now: are you ready?
Throughout March we published a number of Press Releases to help employers prepare for reporting PAYE in real time.
We also published an announcement on the relaxation of reporting arrangements for small businesses and the latest Employer update. Free help and advice for employers on RTI is available as HMRC starts a series of Road Shows. Please call 0845 603 2691 or book online to reserve your place.
Employers: How your employees should tell HMRC that they have changed address
If your employees change address, please ask them to let HMRC know by using the HMRC address change email template. This is the quickest and most secure way of doing it and also means that any repayment due won’t go to an old address.
VAT relief from bad debts
If you make supplies of goods or services to a customer but you are not paid, you may be able to claim relief from VAT on these bad debts. Also, you may have to repay VAT you have claimed if you have received supplies of goods or services which you have not paid for.
Read updates issued by the Export Control Organisation including details about imposition of arms embargoes, Open General Export Licence amendments or announcements about Control List changes.
Notice to Exporters 2013/09 The ECO has reviewed its guidance regarding strategic export licence applications for controlled military goods made by freight forwarders and other transport providers
Notice to Exporters 2013/10 This Order replaces Schedule 2 to the Export Control Order 2008, which lists military goods, software and technology that are subject to export controls. The Schedule has been amended in line with updates agreed during 2011 in the international export control regime known as the Wassenaar Arrangement and also consolidates previous amendments to Schedule 2.
Notice to Exporters 2013/11 Work is in hand to make the necessary technical changes to SPIRE, and to the Reports and Statistics websites, and in preparing guidance for exporters. The ECO is working with a number of exporters who will be participating in user testing to help ensure that the system is user-friendly, and they have undertaken internal (within ECO) testing of the system
Notice to Exporters 2013/12 On 11 January 2013 the ECO amended the Open General Export Licence (Military Goods) to Open General Export Licence (Military Goods, Software and Technology). To reflect the changes in this licence, a new undertaking template has been issued
Notice to Exporters 2013/13 The ECO has amended the Export Control Order 2008. This amendment consists of a replacement of Schedule 2 to the 2008 Order, which lists military goods, software and technology that are subject to export controls.
Celebrating ten years of success, the Chamber Awards are considered one of the UK’s most hotly contested and prestigious business awards.
There are lots of highly successful businesses throughout Norfolk and this is their opportunity to showcase the best of Norfolk at a national level. The Awards recognise and reward business success across the UK, with a range of specialist categories to meet the needs of any organisation. Each year hundreds of businesses compete for the coveted National Chamber Awards along with the £25,000 cash prize on offer.
The following categories are now open for entry:
Online Business of the Year
Most Promising New Business
Exporter of the Year
Excellence in Innovation
Commitment to People Development
Marketing Campaign of the Year
Outstanding Personal Achievement
The Sustainability Award
Entry to the Chamber Awards is free for Norfolk Chamber members – so take the first step towards winning and enter your business today.
The closing date for entries is 28 June and the regional winners will be announced on 30th September. The winners will go through to compete in the National Final, where they will be judged by a panel of business leaders and entrepreneurs. The Chamber Awards programme will conclude with the prestigious gala awards dinner on 28th November in central London, where one business will be awarded the £25,000 prize courtesy of the RBS Group. To enter online click here.
Simon Francis (ESE Direct) said regarding the awards:“I don’t think anyone can assume they are the best, only that they are doing their best with the skills and resources they have available.
As a past winner of Chamber awards and current finalist in two National Industry awards I would recommend entering as it can help raise awareness of your business to new markets and potential customers.
Small businesses stand as much chance as big ones, we have won 10 out of 15 awards we have entered in the last five years and we are only a small bussiness.
You have nothing to lose apart from a few hours of your time to prepare your entry, and if you have a business plan and regularly measure yourself against the targets and results you are aiming for it should be relatively easy.
Manufacturing output in February 2013: up 0.8% on the month, down 1.4% on the year
UK trade deficit in goods and services was £3.6bn in February 2013, compared with a deficit of £2.5bn in January
Value of UK exports fell by 1.1% between January and February 2013, while the value of imports rose by 1.7% in the same period
Commenting on the February 2013 UK trade figures, published today by the ONS, Caroline Williams CEO Norfolk Chamber of Commerce said:
“It is disappointing to see that the UK trade deficit worsened substantially in February, driven largely by falling goods exports and rising goods imports.
“However, our latest forward-looking economic survey shows near record growth in service sector export orders. This demonstrates that many of Britain’s companies are growing and expanding into new markets across the globe. What’s more, remittances from these service-sector orders may not come through into the statistics for some time.
“The Norfolk businesses that I see are ambitious and hard working, and want to take their products and services overseas – but the UK’s overall export performance is still not where it could or should be. The latest trade deficit numbers highlight the need for international trade and commerce to be at the heart of both business and government thinking. If we are to win the ‘global race’ that the Prime Minister has described on numerous occasions, we need both a more enterprise-friendly environment and a large-scale increase in the resources and attention dedicated to supporting international trade.
“This is one of the topics we will be talking through with Lord Green Minister of State for Trade & Investment when he visits Norfolk to speak at our networking lunch on 11 July”
Commenting on the UK trade and manufacturing output figures, David Kern, Chief Economist at the BCC, added:
“These economic figures send conflicting messages. The increase in manufacturing and total production output was stronger than expected, but the deterioration in the trade balance was larger than most analysts predicted. On the positive side, the output figures reinforce hopes that GDP will grow in the first quarter. But it is worrying that exports fell in February, while imports rose, and that there was a large fall in exports to non-EU countries.
“Despondency over the economy is unjustified. Although we are facing difficult circumstances, our short-term economic performance remains stronger than that of the eurozone. At the same time, the government should be more forceful in boosting exports, and do more to support companies seeking to break into new markets.”
We are delighted to announce that Norse has become a Patron the Norfolk Chamber. One of the UK’s most dynamic and fast-growing Facilities Management services providers, Norse has the financial strength so vital in times of economic pressure.
With a strong balance sheet, industry-leading business retention and staff turnover, and 96% customer satisfaction, Norse delivers first-class services that its customers value and trust. Geoff Tucker, Sales Director of Norse said, “As a major contractor of local businesses, and an employer of a wide range of staff skills, Norse is fully committed to supporting the local economy. As part of this support, in the past the company has regularly sponsored and taken part in events and publicity organised by the Norfolk Chamber of Commerce.
We firmly believe that by becoming a Patron of the Norfolk Chamber, Norse will be in an even better position to help encourage and facilitate use of the Chamber’s valuable services to enterprises across the county. We are looking forward to playing an increasingly active role with the Chamber in working with Norfolk’s business community.”
BCC’s EU Business Barometer of more than 4,000 businesses shows support for renegotiation with Europe
John Longworth: “Companies believe that re-negotiation, rather than further integration or outright withdrawal, is most likely to deliver business and economic benefit to the UK.”
The first major survey of British business following the Prime Minister’s policy speech on Europe in January 2013 has revealed broad support for the re-negotiation of Britain’s relationship with the European Union.
The British Chambers of Commerce’s new “EU Business Barometer”, which gathered responses from nearly 4,400 businesses of all sizes and sectors across the UK, tested five scenarios for Britain’s future relationship with the EU. Respondents were asked to give their view on the potential impact of each scenario on Britain’s business and economic prospects.
The results showed that:
‘Remain in the European Union, but with specific powers transferred back from Brussels to Westminster’ received the highest positive impact rating, with 64%. This scenario also received the lowest negative impact rating, with 11%.
‘Full withdrawal from the European Union’ received the highest negative impact rating, with 60%.
Remain in the European Union with no change to current relationship’ received the lowest positive impact rating, with 15%.
The survey also reveals that British business’s “top three” priorities for any re-negotiation of the balance of competences between Brussels and Westminster are 1) employment law (54%), 2) health and safety law (46%), and 3) regional development policies (33%). Other areas where significant numbers of businesses wanted to see change included justice and home affairs policies and public-sector procurement rules.
Commenting on the results, Caroline Williams CEO Norfolk Chamber of Commerce , said:
“These results say a lot about the UK business community’s attitudes towards Britain’s relationship with the European Union. Companies believe that re-negotiation, rather than further integration or outright withdrawal, is most likely to deliver business and economic benefit to the UK.
“There are some striking features in the BCC survey of business opinion which included Norfolk businesses. 42%, a plurality, now believe that maintaining the status quo in Britain’s relationship with the EU could have a negative impact on our economic interests – nearly three times as many as the 15% who view the status quo positively. These findings suggest that UK businesses increasingly feel that some sort of change to Britain’s relationship with the EU is needed to boost our trading prospects.
“We now have confirmation of what we’ve suspected for some time: namely, that employment and health and safety are the areas where companies would like to see legislative competence return to Westminster from Brussels. From a business perspective, any re-negotiation of Britain’s relationship with the European Union must therefore focus on these areas which are not integral to the functioning of the Single Market in goods and services.”
The British Chamber of Commerce in Belgium is preparing for this years Golden Bridge Export Awards and are looking for new applicants.
This is the second edition of the annual awards presented to the most successful UK companies exporting to or doing business in Belgium.
The Awards encourage export from the UK to Belgium and give British products and services a higher profile at the heart of the EU.
The BCC in Belgium work closely with their partners at the British Embassy in Belgium, UK Trade & Investment and the Belgian Luxembourg Chamber of Commerce in Great Britain on this initiative.
It is free to participate in the competition and the deadline for applications is 15 September 2013.
For further information on the awards process and who to contact, please click here.
Please also take a look at the BCC in Belgium flyer relating to their services.
I’m pleased to be able to communicate with the Chamber members and others via this press release.
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The UK is one of Europe’s largest investors in China, and among the largest destinations in Europe for China’s outward investment. As of 2014, China is the world’s second-largest economy. Between 2007 and 2011, China’s economic growth rate was equivalent to all of the G7 countries’ growth combined. China’s success has been primarily due to manufacturing as a low-cost producer. This is attributed to a combination of cheap labour, good infrastructure, relatively high productivity, favourable government policy, and a possibly undervalued exchange rate.
ECONOMIC OUTLOOK China’s annual growth rate fell for seven straight quarters through to the third quarter of 2012; however a pick up is forecasted in October-December. With the euro area still in recession and US demand sluggish, the economy faces considerable headwinds. Furthermore, the new leader Xi Jinping and other policy makers are likely to unveil aggressive stimulus this year when they hope to revive an economy seen growing at its weakest pace since 1999.
TRADE OUTLOOK Growth in Chinese exports is expected to be most rapid to other economies in Asia (excluding Japan) over the medium term. Chinese exporters will begin to target new markets for their products in other emerging economies. Export prospects amongst the developed economies appear far more restrained, with the share of exports to Europe expected to decline. The US economy continues to represent the most important market for Chinese exporters in terms of its absolute size. In terms of imports, rest of Asia (excluding Japan) remains the largest with a quarter of total Chinese imports.
OPPORTUNITIES The Chinese Government’s 5-Year Plan, vows to continue reforming the economy. The governmenthas recently focused on financial-sector reform. The modest economic growth will help economicrestructuring as Chinese firms are increasingly under pressure to move up the value chain, creatingdemand for imported manufactured goods in the long term. China will remain an important andviable market for a wide range of products and services. As a result China offers huge opportunitiesfor British companies, particularly in sectors such as food and drink, renewable energy andfinancial services.
GDP growth in Q1 2013: +0.3% on the quarter, +0.7% year on year
Services growth: +0.6% on the quarter, +1.5% on the year
Manufacturing growth: -0.3% on the quarter, -2.1% on the year
Commenting on the preliminary GDP figures for Q1 2013, published today by the ONS, Caroline Williams, CEO, Norfolk Chamber of Commerce, said:
“The fact that the UK economy avoided negative growth is encouraging and will boost confidence here in Norfolk. As the BCC latest economic survey shows, it is the services sector that is the main component of recent growth. More must be done to support the construction sector and housing growth in general, these areas would benefit from clear guidelines in terms of planning regulations.
Improved infrastructure is also needed and Norfolk businesses need to continue lobby for improvements to the NDR, the A47 and also rail improvements from both Norwich and King’s Lynn to London, as well as continued pressure to ensure broadband improvements are delivered on time. Despite Norfolk businesses ‘holding their nerve’ and continuing to strive for growth, the Norfolk economy is still unacceptably weak, and will remain so without radical measures to get the economy moving.”
Commenting on the preliminary GDP figures for Q1 2013, published today by the ONS, John Longworth, Director General of the British Chambers of Commerce (BCC), said:
“While we still believe that the government should stick to its current fiscal reduction plan, there is a need for a more promising growth strategy. We know that businesses are determined and ambitious, and want to drive growth in the face of significant economic headwinds, but they can’t do this alone. The government must consider a significant shift in priorities to boost growth within the existing spending envelope, by allocating more current spending towards capital investment over the next few years.”
David Kern, Chief Economist at the BCC, added:
“The economy returning to positive growth is not surprising, but welcome nonetheless. We have repeatedly said that talk of a new recession is unwarranted, and our recent quarterly survey also signalled that the economy was in positive territory in the first quarter of this year. The figures also highlight the disparity between growth in the service sector and continued falls in manufacturing and construction in particular, which remain under pressure. While services output is now above its pre-recession levels from 2008, both construction and manufacturing are still lower.
“Economic growth however remains too weak and the economy as a whole is still below its pre-recession levels. But the avoidance of recession will underpin confidence and will make it easier for the government, and for the MPC, to consider future policy moves in a calmer atmosphere. The main priority remains combining a realistic deficit cutting programme with policies that make it possible for the economy to achieve sustainable growth.”
Take on an 18 to 24 year-old who has been claiming benefits for at least six months through Jobcentre Plus and employers can get financial help of up to £2,275, which covers the cost of a year’s national insurance contributions.
How does the wage incentive scheme work?
The wage incentive is available if you employ someone for 16 hours or more each week in a job lasting more than 26 weeks. There are two rates:
for part-time work between 16 and 29 hours a week – £1,137.50
for full-time work of 30 hours or more a week – £2,275.
This will be paid 26 weeks after the employee starts work. Small businesses with fewer than 50 employees can claim a part payment eight weeks after the employee starts work.
Who can claim a wage incentive?
Wage incentives are primarily available to private, voluntary and community sectors and social enterprise employers. Central government departments, their executive agencies and Non-Departmental Public Bodies (NDPBs) will be excluded from claiming them, however the wider public sector such as NHS trusts, will not.
I’m interested in employing a young person using the wage incentive, what do I do next?
Contact Jobcentre Plus or one of your local Work Programme providers, they will give you further information, advice on the eligibility conditions and support to identify the right person.
Employing a young person using a wage incentive through Jobcentre Plus
Phone: 0845 601 2001 (option 2)
Text phone: 0845 601 2002 for people with speech or hearing impairments
How can I claim the wage incentive?
When the young person starts with you, the Work Programme provider or Jobcentre Plus, will issue a wage incentive claim form and give you more details on how and when to make the claim. You will claim the payment from Jobcentre Plus who will validate the claim and make the payment directly into the employer’s bank account.
This guide explains how employers can make a claim for a wage incentive, once they have been issued with a claim form.